A review of the management of industrial safety on the basis of international agreements and institutions is presented. Focus is given to risks related to the chemical process industry. First, the key technical elements of the process to assess and manage industrial risks are described together with the related key legislative principles. Various techniques exist for the assessment of risk of industrial operations, and for the assessment of hazards to the environment and mankind. These techniques share common areas, e.g., with regard to data collection and interpretation, that offer the possibility of synergetic approaches via international agreements and institutions. In addition to technical risk assessment, cultural factors will need to be taken into account when addressing the topic of acceptable risk in any given social context. Next, various examples of current risk management frameworks in a multi- and bilateral context are given. Eventually, as a concrete example of an industrial risk management framework, the European Union's legislation to control major accident hazards, the Seveso II Directive, is discussed. An outlook on future actions concludes the paper.